No privatization of insurance companies in Algeria: minister says

The Algerian finance minister, Karim Djoudi Monday declared that the Algerian market needs able and skilled insurance brokers to boost and diversify the products suggested to the citizens and Algerian operators in different sectors of activity.

•   
• On the sidelines of the 32nd forum of the African Insurance Association held here in Algiers, M Djoudi added that the turnover of the insurance sector on the Algerian market witnesses a substantial growth averaging 15 percent annually.
• But these figures remain very far from the international standards as they represent less than 1 percent of the gross domestic product, which strengthens the idea of opening the Algerian market to foreign operators to boost the sector.
• In this respect, the minister expects a large participation of foreign insurance companies in the Algerian market, declining to give further details and also denied any attempt to privatize the existing national companies to reach this goal.
• The minister revealed that the Algerian insurance sector is lagging behind and is considered as the weakest in the Arab world.